Binance Academy Cautions Users Against Mobile Threats After Recent Crypto Exchange Hack


Since the inception of Bitcoin and cryptocurrency, the digital assets environment has experienced a number of wins and drawbacks. As is the case with everything else in the world, the crypto universe also has its pitfalls. The bull run experienced in 2015 and 2017 helped bring attention to the world of virtual assets.

Cyber Criminals And The Cryptospace

As much as it helped propel digital assets to the world’s attention, it also helped introduce a new risk—cybercriminals. The crypto verse is filled with instability and all types of risks. Often, the characteristics tend to be anonymous, which help make cryptocurrencies a good target for lawbreakers and web-based hackers.

Binance is a renowned platform that has been highly active in the last few months. But 2019 has not been a good year for the platform, as it recently witnessed a breach of its security systems. The breach saw the platform lose as much as seven thousand bitcoins, which had a total value of forty-one million dollars.

The system breach on Binance’s systems did not have any major impact on the price of Bitcoins. However, it did have a mild effect on BNB prices. Even though prices were not affected, the credibility of the exchange was put into question by many industry players.

This is because the hack also saw the online hackers get away with important information such as 2FA codes and a very big batch of API keys. Following this hack, Binance Academy, which is an informative website/blog formally endorsed by Binance has sought to caution its clients through a blog post on the website.

In the post released recently, the academy sought to caution users against the threats posed by smartphones. It states that users need to be cautious when it comes to installing exchange apps as some of the applications are fake. The same case applies to the digital wallets readily available in various platforms.

How To Avoid Fake Apps

The post goes on to state that for clients to avoid installing harmful apps, they need first to visit the official website. Here, they will find all the information they need about each app before they can install it. Additionally, the users should ensure they have checked the developer information.

The developer information will normally help a client decide whether the application they want to install is from a legitimate company or a hacker. Users need to scrutinize the website and the email posted with the application to learn more about the team that is behind the application in question.

When it comes to protecting personal details, users will need to ensure that they have activated 2FA on their cryptocurrency accounts. Two-face authentication is more difficult to breach as compared to the normal password or pins. The post also added that several fake wallets have been created by hackers in the past.

Therefore, users needed to make sure that they had verified the keys they had been provided by their digital wallets.

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